Israel’s Bank Leumi is reportedly close to a deal with US Justice Department and may agree to pay nearly ILS1 billion (US$289 million) to settle a investigation into whether it helped Americans evade taxes.

According to Reuters, the settlement is likely to take weeks or months to complete.

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Leumi would be the first Israeli bank to settle a tax probe with the US Justice Department.

Last month, Swiss bank Credit Suisse agreed to pay more than US$2.5 billion in penalties to settle similar case.

Leumi, which had already set aside ILS490 million shekels, would increase this by ILS460 million to make a total of ILS950 million, according to the Reuters report.

The bank will record this charge in the second quarter which would significantly impact quarterly results, it said.

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"In order to settle all the issues related to the US customers matter, the bank continues to hold discussions with additional relevant U.S authorities," the publication quoted the bank as saying.